Base rate hold is ‘not the early Christmas present that many would have wanted’ The decision to keep interest rates on hold is not the early Christmas present that borrowers would have wanted – but it may bring savers some relief, experts have said.
“We don’t expect any reductions in mortgage rates over the next few weeks, but as we progress into 2025, lenders are likely to look at ways to take advantage of increased demand as the busier home buying season starts.”.
Nick Leeming, chairman of estate agent Jackson-Stops, said: “The Bank’s decision to hold rates steady provides a degree of stability, which is crucial for both the economy and the property market.”.
The Bank of England kept the base rate on hold at 4.75% on Thursday, following two reductions earlier this year.
The base rate was kept on hold amid a backdrop of sticky inflation and economic uncertainty.
